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BTC to outperform ‘most major assets’ in H2 2022 — Bloomberg analyst

Published 10/06/2022, 02:21 AM
Updated 10/06/2022, 04:00 AM
BTC to outperform ‘most major assets’ in H2 2022 — Bloomberg analyst

Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, stated October has historically been the best month for Bitcoin (BTC) since 2014, averaging gains of about 20% for the month, and that commodities appearing to peak could imply that Bitcoin has reached its bottom.

In an Oct. 5 Bloomberg Crypto Outlook report, McGlone says while the rise of interest rates globally is putting downwards pressure on most assets, Bitcoin is gaining the upper hand when compared with commodities and tech stocks like Tesla (NASDAQ:TSLA), with the report noting:

Bitcoin vs BCOM and Bitcoin 260 day volatility vs BCOM 260 day volatility. Source: Bloomberg Crypto Outlook
Bitcoin’s correlation with gold over the last 12 months. Source: Kaiko

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